The Commercial Card Program is designed as an alternative to a variety of processes including petty cash, check requests and low dollar purchase orders. The Commercial Card Program is not intended to avoid or bypass appropriate purchasing policy. Rather, the Program complements the existing processes available. The card is a MasterCard credit card that is issued by JP Morgan Chase. Some record keeping is essential to ensure the successful use of the Commercial Card. The recordkeeping requirements are the same as standard payment policies that require retention of original invoice/receipts, etc. The Commercial Card Program is designed as an alternative to a variety of processes including petty cash, check requests and low dollar purchase orders. The Commercial Card Program is not intended to avoid or bypass appropriate purchasing policy. Rather, the Program complements the existing processes available. The card is a MasterCard credit card that is issued by JP Morgan Chase. Some record keeping is essential to ensure the successful use of the Commercial Card. The recordkeeping requirements are the same as standard payment policies that require retention of original invoice/receipts, etc.

Purpose:

The Commercial Card program is intended to streamline and simplify the Purchasing and Accounts Payable functions by eliminating waste and low value activities. The Commercial Card is a tool that reduces transaction costs, facilitates timely acquisition of materials and supplies, automates data flow for accounting purposes and offers flexible controls to help ensure proper usage.

This Cardholder Guide provides information about the process, the types of purchases that can and cannot be made, records that must be maintained and reconciled for each cycle, and a variety of other Program information.

Scope:

All Departments and/or Department heads

Exceptions:

The following are exceptions to this policy:

Please remember that you are committing company funds each time you use the Commercial Card. This is a responsibility that should not be taken lightly. Remember that you are the person responsible for all charges made to the card(s) which has been issued to you. Intentional misuse or fraudulent abuse may result in disciplinary action up to and including dismissal.

The card will have no impact on your personal credit. Although the card lists an individual's name, the card is actually issued to Cumberland University.

Responsibility:

PresidentVP of Business and Finance

Managers of budgets are responsible for the oversight of the spending using the Commercial Card system while the VP of Business and Finance and the President have ultimate authority over the acceptable use of these Cards.

Only regular employees of Cumberland University are eligible to receive a Commercial Card. Contractors or temporary employees are not eligible. The cardholder is responsible for the security of their card(s) and the transactions made against the card(s). Each user will be required to sign the Commercial Card Cardholder Agreement as part of the Commercial Card application.

Relevant Knowledge:

In order to comply with this policy you should know:
Current University policyStandards of good practiceStandard company policies

After you have read this Cardholder Guide and understand the procedures outlined, you must complete all of the requirements of the Commercial Card application form. If an application package is not attached to this guide, contact your local site Commercial Card Administrator/Accounts Payable for a copy. As part of your application, we will identify which levels of transactions and cycle spending limits best accommodates your business requirements. When you receive your Commercial Card(s), sign the back of the card(s) and always keep it in a secure place. Although each card is issued in your name, it is the property of Cumberland University and is only to be used for company purchases as defined in this guide.

Only regular employees of Cumberland University are eligible to receive a Commercial Card. Contractors or temporary employees are not eligible. The cardholder is responsible for the security of their card(s) and the transactions made against the card(s). Each user will be required to sign the Commercial Card Cardholder Agreement as part of the Commercial Card application.